Ipswich Town Football Club's financial losses fell in the last year, newly published accounts have revealed.

The overall loss made by the club in the year ending June 2014 was £7.1million compared to a loss of £9.7million in 2013.

However, the club’s debt has increased by £3.5million to £86million.

The sale of left back Aaron Cresswell to West Ham in the summer could be worth as much as £7m in Town, depending on appearances and other milestones written into the contract. This sale will not figure until next year’s accounts.

These figures were presented at the club’s annual general meeting held at Portman Road last night.

Ticket sales were lower than last season due to reduction in attendances.

However, the club takes pride in the fact that their attendance remained higher than the average Championship attendance of 16,555.

The amount spent on wages was £13.9million compared to £15million last year.

This is reflected in the club’s direct costs which reduced from £17.8million in 2012-13 to £16.7million this year.

The club’s debt has risen from £82.4million to £86million.

However, ITFC are not in debt to any financial institution, and £38.1million of their debt represents the ongoing funding and player investment provided by owner and chairman, Marcus Evans.